Why do people buy expensive watches?
From the first side it’s very simple. People buy luxury watches because they can afford it. “Expensive” also means “quality” or “top quality”. Inside the word “expensive” we can see as well “big brand”. The majority of people consider, that expensive big brand watches show wealth and high status. Top quality watches usually have long life and may become a piece of family’s history. Watches can be passed on to the children. On professional level expensive watches give good impression about the person and help to gain respect from clients and co-workers. A well dressed person gets more attention. On another hand, especially for men, there is no so much jewelry you can wear in good taste. A pair of expensive watches may be a reward for good achievements, it’s about personal fulfillment. Men want to be successful, disciplined and punctual. It will sound strange, but expensive wrist watch may help him. Let’s imagine or try the following: we enter in an expensive top quality watch shop. We choose a model we like and ask representative to put it on our wrist and stay for 5 minutes with it. During these 5 minutes, we look at it and in the mirror, feel it. We leave it and go out from the shop. 80% of people starting from that moment, will think how to improve their financial status, how to earn more money. Most probably they do not need luxury expensive watches but it’s not about watches only. Their gain will be a better life.
When it comes to luxury or expensive watches, automatically we think about Rolex. How do you think, why Rolex watches are so expensive?
Rolex Company produces around of 700.000 watches annually, or about 2.000 per day. The first-hand “cheapest” version is Rolex Oyster Perpetual, has price around of $5.000. However the most expensive one, Paul Newman’s personal Cosmograph Daytona, was sold at auction for $14.8 million.
First of all, it’s about the brand name. Person doesn’t purchase a simple watch, he purchases the Rolex watch. For example, let’s take two pairs of identical watches: one will include Rolex signature and another one will not. Rolex will cost more, since we are buying a symbol of luxury. Another reason is hand-finishing. In order to get nice wrist watches, it requires hand finishing rather machine-finishing. Also materials are expensive. Rolex is the only company who uses 904L steel. All other brands are using market standard 316L steel. The 904L steel is more expensive and needs much more complicated procedure. Rolex had to replace all their working machines and equipment, in order to use this kind of steel. Rolex want to distingue themselves from other brands, by using another kind of steel. By the way, gold and platinum is made in-house. Rolex receives 24k gold and they turn it into 18k yellow gold, white or Rolex’s everose gold.
Approximately each pair of Rolex Watch includes diamonds. What kind of diamonds does Rolex use? Of course the diamonds used to create a Rolex are the best. Rolex Company employs a lot of gemologists and jewelers. They source, buy and test each diamond to make sure it’s real before it goes into a watch. Rolex jewelers set each diamond into the watch. Many of Rolex watches are exclusive, meaning that no two the same watches are alike, since each diamond is individually chosen and set for a particular watch.
We would like to mention that Rolex movements are very expensive to make. They are certainly not completely made by machine; many of them are polished and finished by hand. It’s not a surprise that Rolex Watch Company has an internal Research and Development department. In-house movements are very expensive to develop. It takes a lot of money and time, in order to test something or to create.
In conclusion, we would like to say that there is one thing for sure: if you purchase a Rolex watch, it’s the last pair of wrist watch you will ever need to buy.